Republican

Donald Trump

President Donald Trump

<p class="is-style-lead">Government actions tied to a sweeping anti-crypto operation are rapidly unraveling weeks before Republican President Donald Trump takes office.</p>
<p>Martin Gruenberg, chair of the U.S. Federal Deposit Insurance Corporation, announced plans to <a href="https://www.bankingdive.com/news/fdic-chair-martin-gruenberg-resign-january-19-trump-travis-hill/733376/" target="_blank" rel="noopener noreferrer nofollow">step down</a> from his position on Jan. 19, 2025, a day before Trump’s inauguration on Jan. 20.</p>
<p>Gruenberg thanked agency staff for supporting his career as the longest-serving FDIC board member. He joined the regulator in 2005, rising to the chair position under former Presidents Barack Obama and Joe Biden.</p>
<p>As FDIC chair, Gruenberg was reportedly instrumental in a multi-agency blockchain crackdown dubbed Operation Choke Point 2.0</p>
<p>You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/report-trump-eyes-tether-custodian-lutnick-for-commerce-chief/"> Report: Trump eyes Tether custodian Lutnick for Commerce Chief </a></p>
<p>People with knowledge of the matter, like Nic Carter, publicly said that OCP 2.0 <a href="https://crypto.news/secs-regulatory-hammer-falls-opensea-custodia-and-the-revival-of-operation-choke-point-2-0/" target="_blank" rel="noopener noreferrer nofollow">threatened</a> to block crypto businesses from using traditional banking services. Industry titans like Coinbase <a href="https://crypto.news/coinbase-sues-sec-and-fdic-over-freedom-of-information-requests/" target="_blank" rel="noopener noreferrer nofollow">sued</a> the FDIC over these allegations, and the case was ongoing as of Nov. 19.&nbsp;</p>
<p>Digital asset supporters and blockchain-friendly legislators welcomed Gruenberg’s upcoming resignation. “This is overdue but welcome news,” tweeted U.S. Representative Patrick McHenry.</p>
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   <p lang="en" dir="ltr">This is overdue but welcome news. <a rel="noopener noreferrer nofollow" href="https://t.co/JAT4L0P0EO" target="_blank">https://t.co/JAT4L0P0EO</a></p>— Patrick McHenry (@PatrickMcHenry) <a href="https://twitter.com/PatrickMcHenry/status/1858917414781522417?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 19, 2024</a>
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<h2 class="wp-block-heading" id="out-with-the-old-in-with-the-new">Out with the old, in with the new</h2>
<p>Gruenberg’s resignation marks another apparent victory for the digital asset industry following Trump’s election. Several crypto-skeptic regulators have announced their departures or hinted at stepping down.</p>
<p>Securities and Exchange Commission chair Gary Gensler is <a rel="noopener noreferrer nofollow" href="https://crypto.news/18-gop-ags-sue-sec-as-gensler-hints-resignation/">rumored</a> to be considering resignation before Trump’s swearing-in. Additionally, U.S. Attorney Damian Williams, who heads the Southern District of New York prosecutor’s office, plans to leave his post.</p>
<p>Both officials were key figures in aggressive enforcement actions against blockchain companies and crypto startups. Former SEC chair Jay Clayton is reportedly being considered as a replacement for Williams at the SDNY office. However, Trump’s choice for the next SEC chair remains unclear.</p>
<p>Details on Gruenberg’s successor at the FDIC were limited following his announcement. However, FDIC Vice Chair Travil Hill could be a more crypto-friendly option. In March, Hill <a href="https://crypto.news/fdic-digital-assets-proposal-vice-chair/" target="_blank" rel="noopener noreferrer nofollow">pushed</a> for easing banking restrictions on digital assets and urged the FDIC to adopt a neutral stance toward blockchain technology.</p>
<p>Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/nic-carter-revisits-operation-choke-point-2-0-after-bombshell-silvergate-testimony/"> News Nic Carter revisits Operation Choke Point 2.0 after bombshell Silvergate testimony </a></p>

FDIC chair to resign as Trump-win thaws crypto scrutiny

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